TechFlow reports on December 4 that according to South Korean media, Woori Technology Investment, a South Korean venture capital firm, plans to sell its 7.22% stake in Dunamu—the operator of Upbit—via a block trade. Data from the Financial Supervisory Service’s electronic disclosure system shows that the current market value of this stake is approximately 4.253 trillion KRW (about USD 301 million). Woori Technology initially invested 55 billion KRW (approximately USD 3.89 million) in Dunamu back in 2015. Based on the current valuation, this investment has yielded a return of nearly 73 times.
According to industry insiders, the sale price could be significantly higher than the over-the-counter market price. At the time of reporting, Dunamu's stock closed at 189,000 KRW on the "Securities Plus Unlisted" platform, giving the company a total market capitalization of around 5.89 trillion KRW. Given the current favorable trends in the crypto asset market, Woori Technology believes this is an opportune moment for exit. Due to regulatory restrictions limiting domestic financial institutions, the company is seeking overseas investors to take over the shares. Dunamu will hold an extraordinary general meeting of shareholders on December 17 to discuss amendments related to changes in shareholders holding more than 5% of its shares.
